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MISTAKES MADE BY MERCHANTS OF “FREE HIGH RISK MERCHANT ACCOUNTS”

There is a very popular saying in English which is “Nobody is Perfect”. This applies more in the world of Business. More so, in the business world mistakes lead the path to success. Mistakes only delay or hinder the “Planned Success”. One common mistake which is made by merchants is that they sign agreements very quickly. The merchants are quicker to sign the deal when it comes to “Free Merchant Accounts”. Very obviously we cannot blame the “Free Merchant Account” for the mistake of the merchant.

So the question here is: What mistakes are commonly made by merchants when obtaining the “Free Merchant Account”? Obviously you should not repeat these mistakes.

  • Merchants do not read the agreement documents completely and therefore fail to see the hidden fees and charges

The providers of “Free Merchant Account” are running a business and not a charity and therefore, they have to get their business profits from one or the other source. You should understand one thing: there are no free lunches in this world. Merchants should enquire about all the fees and charges they will have to pay once they begin processing credit card payments. Some of them are monthly processing fees, transaction fees and discount rate.

  • Merchants do not understand the “Fine Print”

Today, just the word free will bring in a scurry of curious customers who try to get stuff without paying. However, in the world of business there is no such thing as “Free”. If you are a merchant then don’t get carried away by the word free. Try to get the details as to how are they affording to get something free.

  • Merchants do not ask many questions

Once you get the “Free Merchant Account” you will be free to accept credit card payments. However, you should look for a new provider if you existing one is imposing too many restrictions.

  • Merchants do not do background checks of the account providers

There is a thief at every corner, in the business world. You have to take precautions or else you will receive an unpleasant shock. It is the same with merchant accounts. Whether it is a shopping cart provider, payment gateway provider or a credit card processor you should always do the background checks before doing business with them. The world has become a smaller place with the features offered by Web 2.0 and also with the consumer statistics and information easily available.

  • Merchants do not look for more freebies

Though there are no free lunches in this world, there is a possibility of a free appetizer. Try to find out what more you can get from your account provider, for free other than the regular ones. Also, you should choose that provider who offers more freebies and also a good quality service.

When you have the offer sheet in your hands, it helps if you are a little sceptical. Do not believe every word in there and cross question your agent about any doubts you have.

Contact one of our helpful account representatives to assist you in the setup of a high risk merchant account or offshore merchant account for a high risk merchant.